2/04/2021

Enhance your self efficacy beliefs if you want to make money trading

 

There is one thing you can do to improve your trading today

Work on your self efficacy beliefs.

Self efficacy beliefs is the biggest determinant of your trading success.

Unless you work on self efficacy you will find many inhibitors and will be constantly dissatisfied with any method, guides, videos, or instructions, or site. You will constantly chase new methods, new scans, new claims, new gurus, new newsletters, and so on.

Psychologist have found that self-efficacy beliefs help determine how much effort people will expend on an activity, how long they will persevere when confronting obstacles, and how resilient they will be in the face of adverse situations. The higher the sense of efficacy, the greater the effort, persistence, and resilience.

Albert Bandura first wrote about self efficacy in 1977. His research on self efficacy is considered most influential in developing social learning theories.

Basically the research shows that learning is complete when the learners self efficacy belief for the domain being studied changes.

So learning and teaching strategies should be designed to enhance learners self efficacy beliefs.

Bandura defines perceived self-efficacy as

Perceived self-efficacy is concerned with people's beliefs in their capabilities to exercise control over their own functioning and over events that affect their lives. Beliefs in personal efficacy affect life choices, level of motivation, quality of functioning, resilience to adversity and vulnerability to stress and depression.

People's beliefs in their efficacy are developed by four main sources of influence. They include mastery experiences, seeing people similar to oneself manage task demands successfully, social persuasion that one has the capabilities to succeed in given activities, and inferences from somatic and emotional states indicative of personal strengths and vulnerabilities.

Ordinary realities are strewn with impediments, adversities, setbacks, frustrations and inequities.

People must, therefore, have a robust sense of efficacy to sustain the persevering effort needed to succeed.

Succeeding periods of life present new types of competency demands requiring further development of personal efficacy for successful functioning. The nature and scope of perceived self-efficacy undergo changes throughout the course of the lifespan.

So if you want to be consistently successful trader who is self reliant , then your perceived self efficacy beliefs about trading need to change.

And one of the main methods of doing it is by having a mastery experience.

You can do this by studying past moves in the market.

Everyday you can study stocks up or down 20% in last 5 days

Everyday work on your self efficacy beliefs you will have very rich and self fulfilling life...

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